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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUE        
Rental revenue $ 75,359 $ 90,769 $ 241,624 $ 289,565
Total revenue 75,838 91,243 242,817 291,722
EXPENSES        
Depreciation and amortization 22,888 21,496 69,658 65,893
Real estate taxes 14,916 14,490 44,778 45,188
Property operating 13,436 14,075 39,867 45,552
General and administrative 8,700 8,353 36,600 28,943
Casualty and impairment loss, net(1) [1] 0 0 0 9,070
Lease expense 3,415 3,486 10,200 11,037
Total expenses 63,355 61,900 201,103 205,683
Gain on sale of real estate 0 39,716 39,775 68,219
Interest income 282 2,706 2,387 7,670
Interest and debt expense (18,136) (16,861) (53,884) (49,869)
Gain on extinguishment of debt 0 0 34,908 0
Income (loss) before income taxes (5,371) 56,753 64,900 113,908
Income tax benefit (expense) (459) (53) 13,103 (1,249)
Net income (loss) (5,830) 56,700 78,003 112,659
Less net (income) loss attributable to noncontrolling interests in:        
Operating partnership 225 (2,662) (3,373) (6,535)
Consolidated subsidiaries 0 2 0 24
Net income (loss) attributable to common shareholders $ (5,605) $ 54,040 $ 74,630 $ 106,148
Earnings per common share - Basic (in dollars per share) $ (0.05) $ 0.45 $ 0.63 $ 0.89
Earnings per common share - Diluted (in dollars per share) $ (0.05) $ 0.45 $ 0.63 $ 0.89
Weighted average shares outstanding - Basic (in shares) 116,625 121,087 118,033 119,259
Weighted average shares outstanding - Diluted (in shares) 116,625 121,183 118,111 126,489
Gain (Loss) on Termination of Lease $ 0 $ 1,849 $ 0 $ 1,849
Management and development fees        
REVENUE        
Revenues 404 280 1,003 940
Other income        
REVENUE        
Revenues 75 194 190 1,217
Urban Edge Properties LP        
REVENUE        
Rental revenue 75,359 90,769 241,624 289,565
Total revenue 75,838 91,243 242,817 291,722
EXPENSES        
Depreciation and amortization 22,888 21,496 69,658 65,893
Real estate taxes 14,916 14,490 44,778 45,188
Property operating 13,436 14,075 39,867 45,552
General and administrative 8,700 8,353 36,600 28,943
Casualty and impairment loss, net(1) [1] 0 0 0 9,070
Lease expense 3,415 3,486 10,200 11,037
Total expenses 63,355 61,900 201,103 205,683
Gain on sale of real estate 0 39,716 39,775 68,219
Interest income 282 2,706 2,387 7,670
Interest and debt expense (18,136) (16,861) (53,884) (49,869)
Gain on extinguishment of debt 0 0 34,908 0
Income (loss) before income taxes (5,371) 56,753 64,900 113,908
Income tax benefit (expense) (459) (53) 13,103 (1,249)
Net income (loss) (5,830) 56,700 78,003 112,659
Less net (income) loss attributable to noncontrolling interests in:        
Consolidated subsidiaries 0 2 0 24
Net income (loss) attributable to common shareholders $ (5,830) $ 56,702 $ 78,003 $ 112,683
Earnings per common share - Basic (in dollars per share) $ (0.05) $ 0.45 $ 0.64 $ 0.89
Earnings per common share - Diluted (in dollars per share) $ (0.05) $ 0.45 $ 0.63 $ 0.89
Weighted average shares outstanding - Basic (in shares) 120,618 126,277 122,332 126,387
Weighted average shares outstanding - Diluted (in shares) 120,618 126,373 123,174 126,490
Gain (Loss) on Termination of Lease $ 0 $ 1,849 $ 0 $ 1,849
Urban Edge Properties LP | Management and development fees        
REVENUE        
Revenues 404 280 1,003 940
Urban Edge Properties LP | Other income        
REVENUE        
Revenues $ 75 $ 194 $ 190 $ 1,217
[1] Refer to Note 2 to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.